by Quinns_News | Aug 27, 2014 | Tax Advice and Updates
From the 2013 income year the small business entities (SBE) capital allowance rules were amended to make the SBE pooling arrangement simpler. A SBE is a business (including the individual, partnership, company or trust) that carries on the business activity with...
by Quinns_News | Aug 20, 2014 | Tax Advice and Updates
A reminder that all trustees who make beneficiaries entitled to trust income by way of a resolution must do so by the end of an income year (30 June). This resolution will determine who is to be assessed on the trust’s taxable income. Things to Know If no...
by Quinns_News | Jul 16, 2014 | Tax Advice and Updates
The ATO have stood by their belief that dividend washing is an illegal practice, slapping around 3000 fund managers, stock brokers and investors with a personal letter at the end of last month which threatened audits and steep penalties on those who did not “come...
by Quinns_News | Nov 27, 2013 | Tax Advice and Updates
The Australian Taxation Office is targeting small practice accountants and lawyers who use discretionary trusts to minimise income tax. A discretionary trust, also known as a family trust, is one in which the trustee is given the power, or discretion, to decide who...
by Quinns_News | Nov 20, 2013 | Tax Advice and Updates
The Government has announced changes to the tax rates and threshold that will result in non-resident individuals who derive Australian source income paying higher average rates of income tax. In addition, non-residents will also be denied access to the capital gains...
by Quinns_News | Nov 13, 2013 | Tax Advice and Updates
How does this Affect You? The ATO has advised that their small business benchmarks have been updated with data from the 2010/2011 financial year. Their benchmarks are updated annually using the latest available income tax data. Small business benchmarks are financial...
